Jeff Garzik: Bitcoin Is Relocating to New Growth Phase With Cross-Chain Smart Contracts

Jeff Garzik is one of the most highly regarded developers in the Bitcoin market. He has actually been a Bitcoin core developer and has worked for various other business, such as BitPay. Recently, he began his own blockchain-as-a-service firm, Bloq, which will serve enterprise customers who want to develop stems on a personal, public or confederated blockchain.

In a recent discussion with Bitcoin Magazine, Garzik expressed his belief that, presently, blockchain innovation is moving from Step Three to Step 4 in a model he crafted.

“Step One is digital currency, the extremely first use case of blockchain,” Garzik said.That means

Action One in the development of blockchain technology, as Garzik explains it, is undoubtedly Bitcoin. Bitcoin, introduced in 2008, has captured the imagination of huge swaths of the cumulative imagination, from major banks to hackers in their mommy’s basements.

Step Two, which, according to Garzik, Bitcoin has currently exceeded, consists of business looking into how digital currencies or tokens can be utilized in interbank transfers. Financial organizations are doing this in order to make the contemporary methods of cash transmission more effective.

While charge card and debit cards work well, individuals lament the requirement still for paper checks or wire transfers, which can take days. Furthermore, the latter costs a big percentage of the overall transfer.

As Garzik puts it: “Step Two is digital possessions, where you have banks putting digital possessions on the blockchain.”

“Step Three is wise properties,”Garzik said.”Putting physical assets on a blockchain, whether it’s a jet, a boat, an airplane, property or something like that.” This stage has been theorized about for many years and the mainstream media is certainly getting things like how the Internet of Things (IoT) and blockchain can unify to power the cities of the future. For lots of, this comes down to handling property on the blockchain.

Smart property describes ownership determined by blockchains with wise contracts. Smart building can also consist of shares in a business or access rights to a software or computer. Smart property improves the ownership process, reducing the possibilities for fraud and decreasing mediation costs.Nick Szabo first

presented the idea of clever property in his 1998 paper,”The Concept of Smart Contracts.” The blockchain industry which

in Garzik’s mind consists of at its heart the Bitcoin technology is moving into an exciting phase: Step 4.”Step Four ties all of that together into a mesh

network of cross-chain clever agreements that safeguard the possessions and the assets mature,” Garzik said.”Really move beyond simple encryption needs for managing and protecting possessions. Today, I think we are moving from Step Three to Step 4 with some of the exciting things going on in the Ethereum neighborhood and comparable technologies on the wise contract side. With Rootstock most notably, comparable [things are] taking place on the Bitcoin side also. “It’s this advancement that is”interesting to me in the very near term

,”Garzik said. Bloq recently introduced its Blockchain Operating System, called BloqEnterprise

, which is created as an enterprise-grade blockchain backend with customer support. This” multi-pronged blockchain software option is designed to offer users the capability to develop, upgrade, customize and analyze their own public, private and permissioned blockchains.”Garzik partnered with Matthew Roszak in November 2015 on Bloq.”Open source is key to rapid innovation,”said Garzik,”

and this has been real of both the early days of Linux and cryptocurrency

. But at some point, there has to be an enterprise-grade solution for an innovation to be reliable enough to play in the Fortune 500. You can’t relax and hope that unsettled volunteers create an update. Red Hat solved this issue for the Linux market, and Bloq will solve it for the blockchain.” The post Jeff Garzik: Bitcoin Is Transferring to New Development Phase With Cross-Chain Smart Contracts appeared first on Bitcoin Magazine.
Bitcoin Magazine

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